SK FSS Extend Internal Control Guide

Updated on: Mar 28, 2024

Latest Event


  • Mar. 2024 Extension
  • On Mar. 23, 2024, SK FSS announced that the guidelines to prohibit unsound sales practices have been extended for one year from Mar. 23, 2024 until Mar. 22, 2025.
  • Document dated Mar. 23, 2024, received from FSS Mar. 25, summarized on Mar. 27.
  • In Jan. 2025, SK FSS proposed extending bank internal control guides, see #240564.

On Jan. 16, SK FSS proposed to extend bank internal control guides.

  • SK FSS proposed to extend the validity of the Bank internal control guidelines on provision of property benefits, to establish transparent, reasonable benefit provision.
  • Follows SK FSS Mar. 2023 guides on provision of property benefits, see #133106.
  • Extension
  • Stipulate the purpose, definition, basic principles, criteria for evaluating profitability, matters to report to the board of directors and the relevant procedures for doing so.
  • Consultation Period
  • Comments shall be submitted by Jan. 26, 2024.
  • Mar. 2024 Extension
  • On Mar. 23, 2024, SK FSS announced that the guidelines to prohibit unsound sales practices have been extended for one year from Mar. 23, 2024 until Mar. 22, 2025.
  • Document dated Mar. 23, 2024, received from FSS Mar. 25, summarized on Mar. 27.
  • In Jan. 2025, SK FSS proposed extending bank internal control guides, see #240564.
Regulators
SK FSS
Entity Types
Auditor; Bank; CNSM
Reference
RF 3/23/2024; CP 1/16/2024
Functions
Accounting; Audit; Compliance; C-Suite; Financial; Legal; Operations; Reporting; Sales Practices; Treasury
Countries
South Korea
Category
State
N/A
Products
Banking
Rule Type
Final
Regions
AP
Rule Date
Jan 16, 2024
Effective Date
Mar 22, 2025
Rule ID
197991
Linked to
Reg. Last Update
Mar 23, 2024
Report Section
International